The regulations for the US Foreign Account Tax Compliance Act were announced earlier this month, and Asian financial institutions can no longer play wait-and-see, according to PwC.

The proposed regulations for the US Foreign Account Tax Compliance Act Fatca were finally issued on February 8, and they will significantly affect foreign financial institutions FFIs, including those in Asia, according to PricewaterhouseCoopers PwC.

Although most global banks, even firms headquartered in the region, already have Fatca programmes in progress, many Hong Kong and Chinese institutions have adopted a wait-and-see approach. The same is largely the case in other...